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TBT vs TYO

ProShares UltraShort 20+ Year Treasury

TBTBNYSE Arca

Direxion Daily 7-10 Year Treasury Bear 3X ETF

TYODNYSE Arca

Overlap

No data

Expense ratio

TBT −0.07pt a year

TBT0.93%TYO1.00%

Avg volume · 30D

TBT 11.4×the volume

TBT326KTYO28.6K

10Y return · a year

TBT +0.5pt

TBT+3.0%TYO+2.5%

TBT vs TYO Performance

Oct 29, 2021 – Oct 30, 2026

+157.8%TBT+101.7%TYO

Oct 29, 2021 to Oct 30, 2026. TBT +157.8%. TYO +101.7%. Use the arrow keys to read each point.0%50%200%Oct 2021Apr 2024Oct 2026
Expense ratio
TBT 0.93%, better
TYO 1.00%
Fund size
TBT $289M
TYO $10M
1Y total return
TBT +19.4%
TYO +19.7%, better
Yield (12M)
TBT 2.38%
TYO 7.74%, better
Holdings
TBT 3
TYO 3
Avg volume (30D)
TBT 326K sh, better
TYO 28.6K sh
NAV per share
TBT $38.27
TYO $14.74
52W range

ETF.net Grade

TBT: Cost 89, Risk 48, Mission not scored, Tradability 64, Holdings 52, Durability 67. TYO: Cost 12, Risk 59, Mission not scored, Tradability 22, Holdings 35, Durability 32.
Pillar letters and Scores for TBT, TYO, with each pillar’s weight
PillarTBTTYO
Cost30% weightA89HigherF12
Mission25% weightNot scoredNot scored
Risk15% weightC48B59Higher
Tradability15% weightB64HigherF22
Holdings10% weightC52HigherD35
Durability5% weightB67HigherD32

Rank among Inverse Treasury funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. TBT and TYO are both graded against the same 7 Inverse Treasury funds, so their Grades compare head to head.

Inverse Treasury⁠

Category · 7 funds
See all 7 ›

TBT ranks 1st and TYO 7th of 7 funds in the Inverse Treasury Category.

  1. Rank 1BTBTProShares UltraShort 20+ Year TreasuryScore 69
  2. Rank 2BTBXProShares Short 7-10 Year TreasuryScore 63
  3. Rank 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 39
  4. Rank 7DTYODirexion Daily 7-10 Year Treasury Bear 3X ETFScore 27

Our read on each fund

ETF.net Research

TBTBProShares UltraShort 20+ Year Treasury

TYODDirexion Daily 7-10 Year Treasury Bear 3X ETF

In short

TBT The original way to lean against long Treasuries. Live since 2008, TBT aims to deliver twice the inverse of the ICE U.S. Treasury 20+ Year Bond Index's daily move, at the lowest fee in the leveraged bear-Treasury crowd.

TYO Most leveraged short on the belly of the Treasury curve: TYO targets 300% of the inverse daily move of the ICE U.S. Treasury 7-10 Year Bond Index, where same-index rivals stop at 1x and 2x.

Stated mandate

TBT The fund seeks inverse, twice-magnified daily exposure to the ICE U.S. Treasury 20+ Year Bond Index, aiming to benefit when that index's daily price declines.

TYO The fund seeks daily investment results equal to 300% of the inverse performance of the ICE U.S. Treasury 7-10 Year Bond Index, before fees and expenses. Its objective applies for a single day.

Why people hold it

  • TBT Fee of 0.93% a year, the lowest among its leveraged and inverse Treasury peers, including the 3x funds TMV and TTT that track the same 20+ year index.proshares.com
  • Twice inverse, not three times. Same long-bond index as the 3x versions, with a dialed-back multiple that moves less for every tick in the index.proshares.com
  • Trading since April 2008, through more than a decade and a half of rate cycles. Long history for a geared product, and one of the stronger implementations in its peer group.
  • TYO Three times the daily punch on the 7-10 year note, not the 30-year bond. Same ICE index as TBX (1x short) and PST (2x short), triple the multiple.direxion.com
  • Fee runs 1.00% net of a waiver through September 1, 2027 (1.15% gross), near the typical cost in the leveraged bear Treasury group.
  • Trading since April 2009, so its daily-reset machinery has run through zero-rate years and rate spikes alike. Pays quarterly.

Worth knowing

  • TBT The -2x objective resets every day. Hold across multiple days and compounding takes over, so results can diverge from twice the index's move over that stretch, especially in choppy markets.proshares.com
  • Cheap for its cohort is not cheap outright. The 0.93% fee is the price of packaged daily leverage, and it applies whichever way long yields go.
  • Distributions arrive quarterly but are beside the point. The engine here is the daily direction of long Treasury prices, not coupon income.
  • TYO The 300% target applies to one day. Over weeks, daily compounding takes over and results can look nothing like 3x the index move.sec.gov
  • A small fund and lightly traded next to the long-bond shorts, which can mean wider spreads and more care needed on entry and exit.
  • Same-index shorts TBX and PST each run 0.95% net of waivers through September 30, 2027, below TYO's 1.00%, with less leverage.

Full TBT profile⁠

Full TYO profile⁠

TBT vs TYO Holdings

How TBT and TYO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Asset classFixed Income100%

Sector

No Sector split for TBT and TYO.

Country, concentration and asset class

Country by domicile

No country split for TYO.

Concentration

Weight in the 10 largest Holdings

  • TBT100.0%
  • TYO151.3%

Securities held

  • TBT2
  • TYO0

Asset class

TBT
Fixed Income
TYO
Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBT holds 2 securities, TYO 0.

All 10 TBT holdings⁠All 7 TYO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

TBT vs TYO Cost

Overpaying TYO vs TBT

$1,149

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TBT 0.93%

    $17,539

  • TYO 1.00%

    $18,688

$10,000
30 years

Cost over time

  • TBT 0.93%
  • TYO 1.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TYO $18,688TBT $17,539

Year by year

YearTBTTYOOverpaying
10$1,644$1,763$119
20$6,199$6,625$426
30$17,539$18,688$1,149

Expense ratio

  • 0.93%TBT, cheaper
  • 1.00%TYO
  • Middle half of Inverse Treasury funds
  • Median 0.95%

TBT cheapest of 7 funds

TYO 7th cheapest of 7 funds

TBT vs TYO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TBT 2.38%
TYO 7.74%, better
Payout (12M)
TBT $0.92
TYO $1.12
Last payment
TBT $0.23
TYO $0.86
Ex-dividend
TBT Sep 23, 2026
TYO Sep 22, 2026
Paid on
TBT Sep 29, 2026
TYO Sep 29, 2026
Frequency
TBT Quarterly
TYO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TBTQuarterly · 26 paymentsAll TBT payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Mar 21, 2018 $0.03; Jun 20, 2018 $0.07; Sep 26, 2018 $0.10; Dec 26, 2018 $0.15; Mar 20, 2019 $0.11; Jun 25, 2019 $0.15; Sep 25, 2019 $0.17; Dec 24, 2019 $0.13; Mar 25, 2020 $0.05; Jun 24, 2020 $0.00004; Dec 22, 2022 $0.14; Mar 22, 2023 $0.33; Jun 21, 2023 $0.34; Sep 20, 2023 $0.31; Dec 20, 2023 $0.52; Mar 20, 2024 $0.36; Jun 26, 2024 $0.48; Sep 25, 2024 $0.42; Dec 23, 2024 $0.44; Mar 26, 2025 $0.25; Jun 25, 2025 $0.28; Sep 24, 2025 $0.28; Dec 24, 2025 $0.31; Mar 25, 2026 $0.17; Jun 24, 2026 $0.21; Sep 23, 2026 $0.23. Use the arrow keys to read each point.$0$12017202020232026YTD
TYOQuarterly · 23 paymentsAll TYO payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Sep 25, 2018 $0.02; Dec 27, 2018 $0.02; Mar 19, 2019 $0.06; Jun 25, 2019 $0.05; Sep 24, 2019 $0.05; Dec 23, 2019 $0.01; Mar 24, 2020 $0.03; Dec 20, 2022 $0.01; Mar 21, 2023 $0.14; Jun 21, 2023 $0.12; Sep 19, 2023 $0.13; Dec 21, 2023 $0.08; Mar 19, 2024 $0.27; Jun 25, 2024 $0.15; Sep 24, 2024 $0.15; Dec 23, 2024 $0.05; Mar 25, 2025 $0.23; Jun 24, 2025 $0.12; Sep 23, 2025 $0.10; Dec 23, 2025 $0.05; Mar 24, 2026 $0.14; Jun 23, 2026 $0.08; Sep 22, 2026 $0.86. Use the arrow keys to read each point.$0$12017202020232026YTD

TBT vs TYO Risk

Fall from peak · 5 years

  • TBT
  • TYO
Oct 29, 2021 to Oct 30, 2026. Worst fall: TBT −33.8% · Sep 2024. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TBT 26.7%TYO 20.0%, better
Return per unit of riskSharpe ratio, 3 years
TBT −0.05, betterTYO −0.06
Worst fallMax drawdown, 5 years
TBT −33.8%TYO −24.4%, better
Market sensitivityBeta, 5 years
TBT −4.80TYO −3.52

TBT and TYO in the news

All news⁠

Popular comparisons

  • TBTBvsTBXB

    ProShares UltraShort 20+ Year Treasury · ProShares Short 7-10 Year Treasury

    Expense ratio
    0.93% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TYODvsTBXB

    Direxion Daily 7-10 Year Treasury Bear 3X ETF · ProShares Short 7-10 Year Treasury

    Expense ratio
    1.00% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBTBvsTBFB

    ProShares UltraShort 20+ Year Treasury · ProShares Short 20+ Year Treasury

    Expense ratio
    0.93% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TYODvsTBFB

    Direxion Daily 7-10 Year Treasury Bear 3X ETF · ProShares Short 20+ Year Treasury

    Expense ratio
    1.00% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBTBvsPSTC

    ProShares UltraShort 20+ Year Treasury · ProShares UltraShort 7-10 Year Treasury

    Expense ratio
    0.93% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TYODvsPSTC

    Direxion Daily 7-10 Year Treasury Bear 3X ETF · ProShares UltraShort 7-10 Year Treasury

    Expense ratio
    1.00% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.